Boca Raton Florida Investment Losses Lawyer - Law Offices of Robert Wayne Pearce

Mar 4, 2016

WFG Investments Broker Suspended by FINRA for Unsuitable Trading

Larry Michael Crabtree, a former Edmond, Oklahoma based registered representative with WFG Investments, Inc. consented to, but did not admit to or deny, the sanction and the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that he exercised discretion in a customer’s account to make unsuitable securities purchases which resulted in substantial losses to his customer. FINRA found that Larry Crabtree, of Edmond Oklahoma, exercised discretion in the IRA account of an elderly retiree with known health problems, limited income and limited liquid assets. Mr. Crabtree made purchases of securities on his customer’s behalf, one of which was a highly leveraged oil and gas exploration company, which resulted in an almost complete loss when that oil and gas company declared bankruptcy. Mr. Crabtree also exercised discretionary trades in certain customer accounts, neglecting to get the customers’ or WFG Investment’s prior written authorization as required by FINRA Rule 2010. Consequently, Mr. Crabtree was suspended from association with any FINRA member in any capacity for six months. Due to his financial status, no monetary sanctions were imposed.

Feb 12, 2016

VFinance Fined for Alleged Trade Execution Failures

VFinance Investments, Inc. (VFinance) of Boca Raton, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly failing to timely execute client orders. FINRA found that on eight occasions, VFinance failed to execute customers’ orders in Over-The-Counter (OTC) securities. VFinance allegedly did not execute customer orders at the same price or a better price than what they had been trading in the market. This conduct is a violation of FINRA Rule 5320 and 2010.

Mar 13, 2015

Geoffrey Richards Securities Fined For Net Capital Problems

Geoffrey Richards Securities Corp. of Hypoluxo, Florida submitted a Letter of Acceptance, Waiver and Consent in which the firm consented to, but did not admit to or deny the described sanctions and the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that it conducted securities business after the firm’s net capital fell below its minimum requirement. FINRA member since 2002, Geoffrey Richards Securities Corp. (Geoffrey Richards) is a firm that specializes in securities. FINRA found “between June 2010 and January 2013, Geoffrey Richards acted as an underwriter in a firm commitment offerings, conducted a securities business while it was net capital deficient, failed to file to the requisite net capital deficiency notifications, filed inaccurate Financial and Operational Combined Uniform Single (FOCUS) Reports, and maintained inaccurate books and records.” Mr. Richards’ alleged involvement as underwriter in the firm commitment offering required deductions to the firm’s net capital to be made. For an eight day period, the firm’s net capital fell below its minimum requirement. For violation of several FINRA, NASD, and SEC Rules, Geoffrey Richards Securities Corp. was fined $40,000.